WJ-12 schreef op 26 augustus 2012 12:15:
Uit het prospectus:
Risk of recharacterisation of regulatory capital under Solvency II DirectiveThe Notes are expected to qualify as additional solvency margin for capital adequacy regulatory purposes pursuant to the Dutch Financial Supervision Act (Wet op het financieel toezicht (Wft)). The capital adequacy requirements for insurance companies are currently under a fundamental review. Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 and the implementing measures by the European Commission thereunder, as the same may be amended (the Solvency II Directive) provides for a new capital adequacy regime for insurance companies.
It is expected that this new regime will be implemented in the Wft and become effective as per 1 January 2014.
The implementing measures, however, are still to be drawn up and are not known at this stage. Any such implementing measures could have an adverse effect on the Notes as a consequence of which any such implementing measure could adversely affect the interests of the Noteholders.
In particular, any implementing measure could cause any payment on the Notes to result in the occurrence of a Capital Adequacy Event following which the Mandatory Nonpayment Condition would be met and then no principal, premium, interest or any other amount shall be due and payable in respect of or arising from the Notes, except to the extent that the Mandatory Non-payment Condition is not met and the Issuer could make such payment without the Mandatory Non-payment Condition being met.